February 25, 2018 | Posted by: Venus Zoleta | Credit Card
February 25, 2018
Unless you have millionaire parents, you need to find a way to fund your new business venture on your own. Even if dad and mom got deep pockets, asking or borrowing money from them to run your enterprise doesn’t sound like a good idea. Having your own business means independence, so consider it as a life training of sorts.
A credit card is a good financial tool for funding a small business, as long as it’s used right. No. We’re not talking about the card you’re using right now for your personal expenses. You need a separate card for managing your business expenses. It’s hard to keep track of your finances when you charge all your personal and business expenses on a single credit card.
Also, isn’t it cool to have a new business credit card in your name? It’s a proof that your business is legit.
Check out the 10 credit cards suitable for young entrepreneurs and decide which one will work best for your specific needs.
If you’re running a small business or corporation that employs people, a business or corporate credit card can help you manage and keep track of all your company expenses.
Most business credit cards in the Philippines offer extra benefits such as travel insurance, 24/7 customer support, worldwide and nationwide acceptance, and ability to set credit limits to individual users.
The BDO Corporate Card, available in Mastercard and Visa, is meant for managing business expenses of employees, including travel, entertainment, and office supplies.
BDO Corporate Credit Card Features:
The BPI Corporate Card allows efficient and cost-saving management of purchases and payment processes.
BPI Corporate Credit Card Features:
This BPI disbursement card is a fast and cost-effective payment tool for company expenses such as travel, entertainment, payroll, and employee incentives. The card can be customized with a company logo for branding purposes.
BPI ePay Visa Card Features:
Filipino entrepreneurs can use a PNB corporate credit card for all types of business expenses, including purchases, disbursements, and fleet.
PNB Corporate Credit Card Features:
For young startup owners who want to make managing their business expenses much simpler, RCBC offers a corporate credit card to meet that need. It’s issued for spending on travel, entertainment, representation, and purchase of office equipment and supplies.
RCBC Corporate Credit Card Features:
The UnionBank Corporate Card helps business owners manage their company-related expenses such as procurement, travel, and entertainment.
UnionBank Corporate Credit Card Features:
Planning to open your own grocery store? UnionBank has a business credit card that caters to the needs of aspiring grocers. Partnering with Suy Sing Commercial Corporation (a major grocery distributor in the Philippines), the bank provides grocery business owners with exclusive perks through the Suy Sing credit card.
UnionBank Suy Sing Credit Card Features:
If you think a corporate card isn’t suitable for your particular business needs, it makes sense to use a personal credit card that provides rebates on your business expenses. This is why cashback credit cards are ideal for budding entrepreneurs who want to optimize their spending through rebates.
Citibank’s cashback credit card is ideal for owners of a food business, convenience store, and other enterprises that spend a lot on grocery items and electricity bills.
Citi Cash Back Features:
Do you often meet clients and suppliers in restaurants and cafes? The HSBC Gold Visa Cash Back offers a high rebate on dining transactions and fuel expenses.
HSBC Gold Visa Cash Back Features:
Entrepreneurs who spend mostly on groceries, fuel, utility payments, and dining will find Security Bank’s cashback credit card a money-saving option for their fledgling business.
Security Bank Cashback Features:
Credit cards as tools for financing business are more expensive than conventional loans because of their higher interest rates. That means you can easily get burned with a credit card that turns out to be unsuitable to your business needs. Thus, be sure to study carefully all your options before signing up for a new credit card for your business.